The start of the Lunar New Year has caused a quiet panic among owners of Ultramaxes with Indonesia rounds still doing better on Ultras than on Panamaxes, but also fixing rates of around US$ 6,500 daily at best on South China delivery/redel on 63,500 dwt ships. Southeast Asia delivery is showing Indonesia rounds being done in the US$ 5,000s for South China redelivery. Direct trips from EC India to China have been securing spot rates of around US$ 5,000 DOP on Ultras and US$ 4,500 on Supras. The owners are expecting to see more pressure this week. Pacific Handysize rates remain under pressure while Atlantic ones have largely stopped falling (with the exception of ECSA/ARAG, which is down to the US$11,000s). Handysizes of 38,000 dwt from the Continent to the ECSA are getting levels of around US$ 4,500 daily while USEC redelivery on the same run is fetching levels closer to US$ 5,500 daily on 42,000 dwt vessels. NCSA delivery, meanwhile, is still giving rather solid rates in the US$ 10,000s for UKC-Med redelivery, shipbrokers say. Such business is becoming quite thin on the ground, however. (For news & updates on dry bulk shipbroking, subscribe to the BMTI Daily Report.)